Spain is currently the second country in the world with the second highest number of unpaid awards – amounting to 645 million euros – after Venezuela and ahead of Russia.
The High Court of Australia has unanimously dismissed an appeal filed by Spain in an international dispute over awards issued by the ICSID, the World Bank’s arbitration body, linked to cuts made to renewables. As a result, some of Spain’s assets in Australia, such as Navantia assets, the headquarters of the Cervantes Institute, bank accounts, etc., may be seized to meet the debt of more than €120 million owed by the Kingdom of Spain to the Antin investors who successfully claimed compensation for the cuts made in 2014 to the expected profitability of renewable plants in our country.
It should be remembered that just a few days ago, the High Court of London also decreed three provisional payment orders which, if not compensated by the Spanish State, would grant Blasket Renewable Investments LL the guarantee to execute the property of the headquarters of the Instituto Cervantes in London, as well as the headquarters of the Agencia per a la Competitivitat de L’Empresa, a commercial ’embassy’ of the Generalitat de Cataluña. In addition, it has ordered the freezing of the bank accounts controlled by the Instituto Cervantes held at Banco Santander.
These provisional payment orders prior to the seizure of the buildings located at 15-19 Devereux Ct Temple and 17 Fleet Street, respond to the Spanish government’s refusal to pay the compensation set out in various international awards for the drastic cuts that the promised profitability of renewable plants in our country suffered in 2014 as a result of the reform carried out by Mariano Rajoy’s government.
